On Monday, 20 January 2014 6:21 PM, "info@cliofindia.com" <info@cliofindia.com> wrote:
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INCOME TAX REPORTS (ITR) HIGHLIGHTS
F Provision requiring previous approval of Commissioner in respect of searches conducted prior to 1-1-1997 : Approval after application of mind by Commissioner : Commissioner under section 263 not entitled to revise such order : CIT v. Smt. Annapoornamma Chandrashekar (Karn) p. 32
F Explanation to section 43(6) had no relevance in working out the written down value of the block of assets at the hands of the amalgamated company and the working had to be as per Explanation 2 to clause 3 of section 43(6) : E. I. D. Parry (India) Ltd. v. Deputy CIT (Mad) p. 41
F Transferor company not crediting reserves : Investment allowance could not be carried forward : E. I. D. Parry (India) Ltd. v. Deputy CIT (Mad) p. 41
F Expenditure for raising capital for new projects and expansion of business could be amortised : E. I. D. Parry (India) Ltd. v. Deputy CIT (Mad) p. 41
F Scientific research : AO not accepting claim that expenditure was on scientific research without making reference to prescribed authority : Not valid : Deputy CIT (Asstt.) v. Mastek Ltd. (Guj) p. 54
F Adjustment arrived at by TPO and addition made by AO not justified where the comparables functionally different and not comparables : CIT v. Verizon India P. Ltd. (Delhi) p. 342
F Earnest money forfeited by assessee and the amount received by the assessee was a capital receipt : CIT v. Meera Goyal (Delhi) p. 346
F Reassessment on ground narration in audit note indicating receipt was with regard to arbitration award not valid where there was no evidence to show in notice that stamp paper purchased for arbitration work was connected with receipt with regard to arbitration award : Nuwave E solutions P. Ltd. v. Asst. CIT (Delhi) p. 351
F AO not justified in allowing only thirty per cent. of deduction allowable under section 80HHC for purposes of computing book profits under section 115JB : CIT v. Flex Foods Ltd. (Delhi) p. 359
F Tanker mounted on chassis of truck entitled to hundred per cent. depreciation : CIT v. H. B. Leasing and Finance Ltd. (Delhi) p. 362
F Trucks leased by assessee to third parties for use in their business entitled to depreciation at higher rate of forty per cent. : CIT v. H. B. Leasing and Finance Ltd. (Delhi) p. 362
F Transfer could not be treated as taking place before date of sale deed where authorities finding that there was no such proof : Ms. Latha Ramachandra Inamdar v. Deputy CIT (Karn) p. 367
F Reassessment beyond four years from end of relevant assessment year not valid where assessee disclosed in return of cancellation of its banking licence : Charotar Nagrik Sahakari Bank Ltd. v. Deputy CIT (Guj) p. 373
F Property distributed among members of assessee's family on oral partition : Property retained by assessee and his wife family property : CIT v. D. L. Nandagopala Reddy (Individual) (Karn) p. 377
F Notice within or after four years : Issue of change of opinion is material for both : NTPC Ltd. v. Deputy CIT (Delhi) p. 380
F Tribunal deleting penalty justified where explanation offered by assessee not to be termed as not bona fide : CIT v. Whitelene Chemicals (Guj) p. 385
F Rejection of accounts by AO set aside by CIT (A) on production of fresh evidence : Tribunal justified in remanding matter to AO : Jayesh Raichand Shah v. Asst. CIT (Guj) p. 387
F Interest not deductible where Tribunal finding loans were made from funds provided by assessee himself : Jayesh Raichand Shah v. Asst. CIT (Guj) p. 387
F Disallowance under section 37 justified where Tribunal finding payment were not made exclusively for purposes of business : Jayesh Raichand Shah v. Asst. CIT (Guj) p. 387
F Search in premises of company : Five persons offering part of amount as their undisclosed and accordingly assessed : Subsequent settlement of sister company : Settlement Commission not considered assessment of five persons : Rectification of assessment of five persons cannot be made : CIT v. Manish Kumar Bothra (Karn) p. 398
F Question whether there has been full and true disclosure can be determined at any stage of proceedings before Settlement Commission : CIT v. ITSC (Delhi) p. 407
F Notice of reassessment not valid where Tribunal finding there was no claim for that particular amount as revenue expenditure and deduction under section 14A considered in original assessment proceedings : Reckitt Benckiser Healthcare India Ltd. v. Assistant CIT (Guj) p. 427
F Computation of relief under section 80-I : Relief granted under section 80HH cannot be deducted from gross total income : CIT v. Hindustan Pipe Udyog Ltd. (All) p. 437
F Change in method of charging depreciation from straight line method to written down value method : No prohibition under section 115J : CIT v. Hindustan Pipe Udyog Ltd. (All) p. 437
F Manufacture of cement and mining for lime are distinct and independent activities : Assessee entitled to deduction only with respect to profits attributable to manufacture of cement and not with respect to profits attributable to mining activity : Deccan Cements Ltd. v. CIT (AP) p. 444
F C. B. D. T. Circulars/Instructions :
Circular No. 10/DV of 2013, dated 16th December, 2013 (Departmental view)-Circular on section 40(a)(ia) of the Income-tax Act, 1961-Reg. . . . 36
Instructions dated 10th December, 2013-Standardizing the process of filing application for approval of an Electoral Trust-reg. . . . 32
F Rules :
Income-tax (19th Amendment) Rules, 2013 . . . 1
F Schemes :
Rajiv Gandhi Equity Savings Scheme, 2013 . . . 20
F Notifications :
F Income-tax Act, 1961 :
Notification under section 10(46) :
Exemption to Board/Trust/Commission constituted with object of regulating/administering an activity for benefit general public . . . 31
Notification under section 35AC, Expln., clause (b) :
Eligible projects or schemes . . . 38
Notification under section 120(1) and (2) :
Jurisdiction of income-tax authorities : Amendment . . . 31
Notification under section 138(1)(a)(ii) :
Officer who is responsible for implementation of National Food Security Act, 2013, on behalf of States/Union territories . . . 38
F Expenses opposed to public policies too need to be disallowed under section 37(1) of the Income-tax Act, 1961 on lines of illegal expenses-T. N. Pandey, Retd. Chairman, CBDT . . . 31
F Opportunity of hearing in income-tax proceedings and appeals-Narayan Jain, LL.M., Advocate . . . 21
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